Business Vehicle

Can someone explain if it is a good idea to have vehicle under the business name vs just your personal name? knowing bad people out there that see’s your magnet sign on your vehicle and want to try to collect.

I’m now researching, and daughter in law is an attorney that does closing and any other legal docs. for DH Horton,
Also when applying for type of business LLC, S-Corp, based on Taxes. and when and why what does a Sole Proprietorship does and does not do?
what is the best way to file the business name.


Business. LLC !

You could leave the vehicle in your name (to protect the asset from a judgment against your inspection company) and lease it to your inspection company. Remember though, it’s not a real lease unless you have a lease agreement and the company is paying you each month according to the terms of the lease. Read:

For the best advise speak to a qualified CPA and or Lawyer.

So then you have personal income to report on your taxes? Too much work for too little gain.

Exaclty. I spoke to my CPA prior to purchasing my truck the end of last year. I talked to him specifically about this question. I ended up purchasing it in my name. My company pays the monthly bill. I get the deductions.

Yes. And you deduct the costs of the vehicle you are leasing to your inspection company. And your inspection company deducts the lease payments it makes to you.

However, the main purpose of leasing a vehicle to your inspection company isn’t for the tax benefit, it’s for the asset protection (which I believe is what Gary was referencing in the first sentence of post #1 of this thread).

I appreciate the input
Do you have regular insur. or commercial? Has anyone been a target for auto insurance claim on purpose? what was the out come? my point is, seeing the magnet on vehicle and logo on your shirt. Now their thinking $$ because you have a company? Is something of great concern?

My Texas CPA/tax attorney advised me to keep it under my name and take the mileage and toll deduction. Your situation and tax advisor’s opinion may vary.

Thank you… Food for thought !

couple of quick questions here.

If I purchase a vehicle personally and lease it to my company.

  1. Wouldn’t that vehicle need to be purchased outright?
    If I was financing a vehicle would the lender allow me to lease it to my company

  2. The company then should also carry an insurance policy on the leased vehicle?
    in the event that I am allowed to lease a vehicle to my company that have a bank finance on then there would be 2 insurance policies on it.
    one to satisfy by lender and one for company lease.

Now I am paying 1 vehicle payment back and forth for tax and asset protection and paying to dual insurance???